Questions and Answers: Pencader leasehold conveyancing
I am on look out for some leasehold conveyancing in Pencader. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Pencader - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Pencader. I now want to get lease extension but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent should be useful to try and locate and to produce a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Pencader.
My wife and I purchased a leasehold flat in Pencader. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Pencader who previously acted has long since retired.Do I pay?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Pencader conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Pencader. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
When it comes to leasehold conveyancing in Pencader what are the most frequent lease defects?
Leasehold conveyancing in Pencader is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
Pencader Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Where a Pencader lease has less than 80 years it will affect the value of the flat. Check with your bank that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Pencaderlease extensions you will need to own the residence for 24 months in order to be eligible to exercise a lease extension.
It would be sensible to discover as much as possible concerning the managing agents as they can either make your living at the property much easier or problematic. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the communal areas. Enquire of other people what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money.
Is anyone aware of any major works on the horizon that will add a premium to the service costs?